Meta is set to reduce its workforce by approximately 5% through performance-based terminations, according to a report by Bloomberg on Tuesday. The company intends to hire new employees to fill the vacated roles, as stated by CEO Mark Zuckerberg in an internal memo to staff.
In the memo, Zuckerberg explained;
I’ve decided to raise the bar on performance management and move out low-performers faster. We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle.
As of September, Meta employed around 72,000 people, meaning that a 5% reduction will impact roughly 3,600 employees. Those affected by the cuts will be notified by February 10.
These upcoming cuts are part of a broader trend of workforce reductions at Meta in recent years. The company laid off a significant number of employees in October and let go of 10,000 workers in 2023. In 2022, Meta also laid off 11,000 employees.
This move underscores Meta’s ongoing efforts to streamline its operations and improve overall performance by focusing on retaining high-performing employees and swiftly addressing underperformance.
